29th Aug 2014 15:01
LONDON (Alliance News) - CVC Credit Partners European Opportunities Ltd Friday said it narrowed its losses in the first-half, as income was boosted by a net gain on investment held at fair value.
The company posted a pretax loss of EUR709,899 for the six months ended June 30, compared with a EUR878,848 loss for the March 20 to June 30, 2013. Total income however, rose to EUR13.3 million compared with EUR5,313 for the period March 20 to June 30, 2013. Income was boosted by a GBP9.5 million net gain on investments held at fair value and a EUR87,214 net foreign currency exchange gain.
CVC said its euro and sterling shares returned 3.0% and 3.1%, respectively, on a total return basis for the first-half.
"Given the challenging market conditions which have prevailed during the period, and which were discussed in some detail in the reports accompanying the company's annual audited financial statements, I regard this outcome as creditable," Chairman Richard Boléat said in a statement.
The stock was quoted at EUR1.04 Friday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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